Canada takes action over benchmark rate

The Canadian regulator has tightened up its domestic rate setting process

The Canadian financial markets regulator is looking to
reform its equivalent of the UK’s Libor rate, over
a year after an FOW report flagged up the lack of oversight
into setting the benchmark.

Last year, the Investment Industry Regulatory Organisation
of Canada (IIROC) began looking into the Canadian Dollar
Offered Rate (CDOR) and found the calculation of the rate was
not subjected to regulation.